In-place lease intangibles, at cost are included in In-place lease intangible assets and other in the consolidated financial statements. Above-market rent intangibles, at cost are included in Above-market rent intangible assets in the consolidated financial statements. Accumulated amortization of in-place lease and above-market rent intangibles is included in Accumulated depreciation and amortization in the consolidated financial statements. Internal-use software development intangibles are included in Other assets, net in the consolidated financial statements. Below-market rent intangibles are included in Below-market rent intangible liabilities, net in the consolidated financial statements.


	June 30, 2026						December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived Intangible Assets
Internal-use software development costs	$	5,026	$	(1,971)	$	3,055	$	3,996	$	(1,578)	$	2,418
	5,026		(1,971)		3,055		3,996		(1,578)		2,418
Lease Intangibles:
In-place lease	2,440,459		(1,005,678)		1,434,781		2,316,097		(993,737)		1,322,360
Above-market rent	653,281		(500,532)		152,749		668,707		(498,138)		170,569
	3,093,740		(1,506,210)		1,587,530		2,984,804		(1,491,875)		1,492,929
Goodwill
Goodwill	982,611		—		982,611		987,071		—		987,071
Total intangible assets	$	4,081,377	$	(1,508,181)	$	2,573,196	$	3,975,871	$	(1,493,453)	$	2,482,418

Finite-Lived Intangible Liabilities
Below-market rent	$	(186,885)	$	89,693	$	(97,192)	$	(202,319)	$	98,264	$	(104,055)
Total intangible liabilities	$	(186,885)	$	89,693	$	(97,192)	$	(202,319)	$	98,264	$	(104,055)

As a result of foreign currency exchange rate fluctuations during the six months ended June 30, 2026 (primarily the U.S. dollar strengthening against the euro), there was a decrease of $15.6 million in the carrying value of our net intangible assets from December 31, 2025 to June 30, 2026.

Net amortization of intangibles, including the effect of foreign currency translation, was $51.7 million and $40.2 million for the three months ended June 30, 2026 and 2025, respectively, and $94.5 million and $88.2 million for the six months ended June 30, 2026 and 2025, respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues and amortization of internal-use software development and in-place lease intangibles is included in Depreciation and amortization.